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Bankruptcy In The News Archives

Celebrities Benefit from Bankruptcy and So Can You

Celebrities Benefit from Bankruptcy and So Can You.jpgPeople often believe that if they were rich and famous, they could live a happy life free of financial worries. Unfortunately, life is rarely worry-free for anyone. In fact, just like the rest of us, some of the most rich and famous people in the world have struggled with money. This can be due to over-spending, massive debt, bad investments, bad loans, unexpected medical expenses, dwindling job opportunities, and changes to the economy.

Retail Bankruptcies Hit All-Time High

Most shoppers enjoy a sense of comfort in knowing that when they go to a retail center they are likely to see some of the stores that have been there since they were kids. Stores such as Radio Shack or Payless ShoeSource are perfect examples. But today, if you are looking for an electronics component or kit, you might be surprised to see that the Radio Shack location you've taken for granted over the years is now closed, and just when you needed it! As the electronics retailer files for bankruptcy a second time this year, you may find yourself turning to Amazon for good-just like so many others. Payless has also recently announced that they are filing for Chapter 11 and shutting nearly 400 stores in the US and Puerto Rico.

Physician Sentenced for Bankruptcy Fraud

Thumbnail image for Physician Sentenced for Bankruptcy Fraud.jpgWe have previously written about how important it is for a Debtor to be honest during the bankruptcy process. This was a particularly important lesson in a Chicago courtroom last month. Lynn Y. Zoiopoulos, an Illinois physician, was sentenced to 30 months in federal prison because she concealed assets in her Chapter 7 Bankruptcy.

3 Celebrities who have Comeback after Bankruptcy

3 Celebrities who have Comeback after Bankruptcy.jpgMany Americans are struggling to get by or just barely make it. If you have fallen behind on bills, mortgage payments, or other debt you are not alone. Many celebrities have filed for bankruptcy in order to have a fresh financial start, and ended up making a comeback as a result.

Consumer Rights in the Supreme Court this Term

If you are applying for a job, it is likely that your potential employer will search for your name online. It is becoming increasingly more common to find companies using online information as part of a formal or informal background check before extending a job offer. Certain online search engines have created a business out of compiling public information about a person and packaging it for employers or any interested party to find. But what can you do if you discover that the information in these search engines is wrong?

Will Lil' Kim's New Jersey Mansion be Foreclosed?

Li' Kim's $3 million Alpine, New Jersey mansion faces foreclosure, proving once again that even the rich and famous can fall on hard times. Kimberly Jones, also known as Lil' Kim, has had a string of financial troubles, culminating in a 2010 foreclosure action on the property and an IRS tax lien of $127,000 this year. 

FBI Arrests 8 for Bankruptcy Fraud

As part of its recent crackdown on bankruptcy fraud, the FBI has arrested eight people who allegedly hid over $3 million from the bankruptcy court. In one case, the U.S. Attorney alleged that a woman gave nearly all of her assets, including a $1.8 million tax refund, $32,000 in furs, and over $100,000 in cash to her husband, and subsequently declared bankruptcy. Both the woman and her husband are charged with conspiracy to fraudulently transfer and conceal property in contemplation of a bankruptcy and other charges. In another case, a couple allegedly liquidated a certificate of deposit worth $141,000, and subsequently filed bankruptcy without telling the court about this cash. That couple was arrested and charged with multiple counts of bankruptcy fraud. 

Student Loan Relief Scam Busted!

According to the Consumer Financial Protection Bureau (CFPB), a student loan debt relief scam has illegally been tricking borrowers into paying for federal loan benefits. Student Aid Institute, Inc., misrepresented to consumers that it was affiliated with the Department of Education.

Couple Indicted for Filing Fraudulent Sandy Claims in New Jersey Bankruptcy

Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies Byas.

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